Company No: SC823873 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2026		28.02.2025
		£		£
Fixed assets
Tangible assets	3	7,911		0
		7,911		0
Current assets
Stocks		10,285		0
Debtors	4	54,106		0
Cash at bank and in hand		119,339		1
		183,730		1
Creditors: amounts falling due within one year	5	( 46,369)		0
Net current assets		137,361		1
Total assets less current liabilities		145,272		1
Creditors: amounts falling due after more than one year	6	( 291,075)		0
Net (liabilities)/assets		( 145,803)		1
Capital and reserves
Called-up share capital	8	800		1
Equity reserve		139,891		0
Profit and loss account		( 286,494 )		0
Total shareholders' (deficit)/funds		( 145,803)		1

For the financial period ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of CataNiTek Ltd (registered number: SC823873) were approved and authorised for issue by the Board of Directors on 05 June 2026. They were signed on its behalf by:

Dr David James Nelson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

CataNiTek Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Tg 103c, 295 Cathedral Street, Pure And Applied Chemistry, Glasgow, G1 1XL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has incurred a loss for the year in accordance with its business plan as it conducts its first year of early development activities. The company is working on raising further funding from investors that would give it sufficient funding for a period greater than 12 months from date of approval of the financial statements and on this basis the directors feel it is appropriate to prepare the accounts on a going concern basis.

Reporting period length

The reporting period length is 13 months covering the period 1st March 2025 - 31 March 2026.

Turnover

Revenue from the sale of goods is recognised when control of the goods has transferred to the customer, which is typically on dispatch or delivery depending on the contractual terms, at which point the significant risks and rewards of ownership have passed. Revenue is recognised only when the amount can be measured reliably and it is probable that economic benefits will flow to the company, and is stated net of value added tax, discounts and rebates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Computer equipment	1 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors that are classified as debt, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Grant income

Grant income and other non-trading receipts (including funding from public bodies) are not included within turnover and are presented separately within other income.

2. Employees

	Period from 01.03.2025 to 31.03.2026		Period from 25.09.2024 to 28.02.2025
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	2		2

3. Tangible assets

	Plant and machinery		Computer equipment		Total
	£		£		£
Cost
At 01 March 2025	0		0		0
Additions	8,031		887		8,918
At 31 March 2026	8,031		887		8,918
Accumulated depreciation
At 01 March 2025	0		0		0
Charge for the financial period	268		739		1,007
At 31 March 2026	268		739		1,007
Net book value
At 31 March 2026	7,763		148		7,911
At 28 February 2025	0		0		0

4. Debtors

	31.03.2026		28.02.2025
	£		£
Trade debtors	6,725		0
Other debtors	47,381		0
	54,106		0

5. Creditors: amounts falling due within one year

	31.03.2026		28.02.2025
	£		£
Trade creditors	25,660		0
Other creditors	20,709		0
	46,369		0

6. Creditors: amounts falling due after more than one year

	31.03.2026		28.02.2025
	£		£
Convertible loan notes	291,075		0

7. Convertible loans

During the year the company issued £400,000 of unsecured convertible loan notes. Management has allocated legal and professional costs incurred during the period to the issuance of the convertible loan notes of £7,000. Per the table below this therefore is shown as £393,000.

The notes are repayable five years after issue if not converted and carry no interest for the first three years, subsequently interest is charged at 13.05%. The notes may convert into equity on the occurrence of specified events, including a qualifying funding round or change of control.

The instrument has been accounted for as a compound financial instrument. The liability component was measured on initial recognition at the present value of future cash flows discounted at 15%, with the residual recognised in equity. Transaction costs have been allocated between the liability and equity components.

The net proceeds received from the issue of the convertible loan notes have been split between the liability element and an equity component, representing the fair value of the embedded option to convert the liability into equity of the Company, as follows:

	31.03.2026
	£
Nominal value of convertible loan notes issued	393,000
Equity component	(139,891)
Liability components at date of issue	253,109
Interest charged	37,966
Interest paid	0
Liability component at 31 March 2026	291,075

8. Called-up share capital

	31.03.2026		28.02.2025
	£		£
Allotted, called-up and fully-paid
800,020 Ordinary shares of £ 0.001 each (28.02.2025: 1 share of £ 1.00 )	800		1